Guaranty Trust Bank Plc V. Chukwuemezie Peter Ekemezie (2011)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

TIJJANI ABDULLAHI, J.C.A.(Delivering the Leading Judgment)

This is an appeal against the judgment of the High Justice, court of Kwara State; coram S.T Daibu (J) delivered on the 7th of March, 2011, whereby judgment was entered under the undefended list procedure in favour of the Respondent for the sum of N17,877,713.51 Million Naira (Seventeen Million Eight Hundred and Seventy-Seven Thousand, Seven Hundred and Thirteen Naira, fifty-one kobo) inclusive of interest of N5,324,000.00 at the rate of 10% on the principal sum of N12,553,173.51 as per the writ of summons.

The Respondent as can be gleaned from the records was the Plaintiff whilst the Appellant was the Defendant in the Court below. The Respondent commenced the suit appealed against under the undefended list procedure vide a writ of summons filed on the 7th of October, 2010.

The writ of summon as can be gathered from the proceedings of the Court below is for:

“The Claimant’s claim is for the sum of N17,877,713.15 (seventeen million eight hundred. and. seventy-seven thousand seven hundred and thirteen naira, -fifty-one kobo) only being the amount due and owing from the Defendant to the Claimant as part(sic) the money invested by the claimant in the Defendant’s Guaranty Trust Bank time deposit (commercial paper option) on 26th May, 2009 as well as on 26th February, 2010.

Interest on that amount i.e. N5,324,000.00 at the rate of 10% flat as agreed to by the parties from the 26th day of May, 2009 till date of delivery of judgment and thereafter at the rate of 10% per annum till final liquidation of judgment sum.

Interest of the sum of N12,553,173.51 at the rate of 10% flat as agreed to by the parties from the 26th day of May, 2009 till date of delivery of judgment and. thereafter at the rate if 10% per annum till final liquidation of judgment sum.

Dated this 7th of October, 2010”

On the 3rd of November, 2010, the case carne before the learned trial Judge, he entertained the Ex-parte application of the Respondent and placed the writ on the undefended list and ordered the Registrar to so mark it. The case was then adjourned to 17th January, 2011 for hearing. On 12th January, 2011oIL the court did not sit. Eventually, when it sat on the 7th, March, 2011, this was what happened:-

“Claimant present.

Victor Okogie for the claimant with Hamed, S. Okedare, A. Okouonchi, and. Kelechi Okeke Agnes, Akeem Ijaiya for the Defendant.

SGD

HON.JUSTICE S.T DAIBU

JUDGE